Reply
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Domain

http://www.nytimes.com/2012/07/15/us/a-county-considers-rescue-of-underwater-homes.html?src=recg

 

I'm not sure what I think of this idea!

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Established Contributor
Posts: 989
Registered: ‎05-14-2008
0

Re: NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Dom

It's bad news .... another effort to prop up the market when it needs to find its true level.  Many homeowners just can't afford their homes, they have to move out so someone else can buy the property at it's true value.  This new plan will not work.

Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

Re: NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Dom


Watchmann wrote:

It's bad news .... another effort to prop up the market when it needs to find its true level.  Many homeowners just can't afford their homes, they have to move out so someone else can buy the property at it's true value.  This new plan will not work.


You may well be right.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Dom

First things first: we have to kill, and bury 6' deep, the idea that one's home is their retirement savings. Reality changed and people can't buy more house than they can afford with the hope of growing into it, cashing out at retirement, take out equity, the market going up, or whatever other rationalizations people used in the past that semi-legitimized the practice.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.